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According to a published report, billionaire investor Carl Icahn is unlikely to follow through on a preliminary offer to acquire Dell, becoming the second suitor to revise views of the company after reports showed a staggering decline in PC sales.

The Wall Street Journal says Icahn will now likely wait to see if shareholders approve a February deal for the company to be taken private by founder Michael Dell and Silver Lake Partners for $24.4 billion.

The newspaper says that if the deal is rejected, Icahn may pursue a hostile takeover.

The Journal cites an unnamed person familiar with Icahn's thinking.

The news comes after the company said in a securities filing Friday that Blackstone Group LP is withdrawing from the bidding process.